A perfect storm is about to break over the rapidly expanding platform supply vessel (PSV) fleet.
Rampant ordering over the past few years on expectations of a deepwater oil production boom has coincided with low oil prices, reducing the incentive for producers to monetise deepwater projects. The immediate future for PSVs, particularly larger vessels intended for deepwater operations, looks bleak.
The fleet of medium to large PSVs is young and growing fast.
